International credit and debit card company Visa has concluded a bilateral agreement with Russia’s local payment system, JSC NPCS, to transfer processing of card transactions in the country to the system.
The Russian parliament has obliged foreign card companies to move their card processing within the country or pay a hefty security deposit to prevent any future freeze, following western sanctions over the region.
Visa Payment System has also entered into a trilateral agreement with the Bank of Russia and JSC NPCS to provide settlement services associated with the transaction operations through the Bank of Russia.
Visa country manager for Russia Andrew Torre told Wall Street Journal: "Since the passing of the amendments to the Russian National Payment System law, Visa has been working with the Central Bank of Russia to find a mutually agreeable solution for domestic processing in Russia.
"We are grateful to our colleagues for all their efforts and we appreciate their professionalism and cooperation."